OPay Limited has defined why its deliberate preliminary public providing (IPO) on the New York Stock Exchange (NYSE) was halted, citing a regulatory inquiry involving a international jurisdiction.
The fintech firm in an announcement made obtainable to Nairametrics famous that that though it expects the inquiry to be resolved satisfactorily within the close to future, it determined in opposition to continuing with the providing after consultations with its underwriters.
The choice means OPay’s American Depositary Shares (ADSs) is not going to start buying and selling on the NYSE as beforehand scheduled.
Nairametrics earlier reported that OPay’s shares didn’t start buying and selling on the New York Stock Exchange as anticipated on Friday, October 30.
OPay, underwriters attain settlement
The firm stated it mutually agreed with the underwriters to terminate the underwriting settlement dated October 29, 2026, following cautious consideration of the regulatory improvement.
OPay described the jurisdiction concerned within the inquiry as immaterial to its core enterprise operations however stated it thought-about suspending the providing probably the most prudent choice underneath the circumstances.
- The firm didn’t disclose the id of the jurisdiction concerned or the particular nature of the regulatory inquiry.
However, OPay distance the event from issues about its monetary place, operational integrity or regulatory compliance throughout its markets.
According to the corporate, the inquiry pertains to a international jurisdiction and is being addressed via the suitable channels.
- “OPay wishes to emphasise that this development should not be misconstrued as a reflection on the Company’s business performance, financial condition, operational integrity, or regulatory standing,” the assertion stated.
The fintech agency added that it was actively partaking related stakeholders to facilitate an early decision of the matter.
It additionally maintained that the event would haven’t any affect on its enterprise operations, regulatory standing or service supply in Nigeria and different markets the place it operates.
OPay stated its companies would proceed usually throughout Nigeria, Indonesia, Egypt and Pakistan, reaffirming its dedication to clients, retailers, brokers, enterprise companions and workers.
OPay reaffirms funding dedication to Nigeria
Despite the setback to its deliberate worldwide itemizing, OPay stated its long-term dedication to Nigeria stays unchanged.
- The firm pledged to proceed investing within the nation’s digital monetary companies sector, with a spotlight on selling monetary inclusion, supporting financial development and contributing to the event of the digital economic system.
- The deliberate NYSE itemizing represented an essential milestone within the firm’s efforts to entry worldwide capital markets, though the newest improvement has put the transaction on maintain.
OPay stated it will present additional updates as materials developments happen.
OPay priced IPO at $19
Nairametrics had earlier reported that OPay priced its providing at $19 per American depositary share, valuing the digital monetary companies supplier at roughly $4 billion. The providing comprised 16 million ADSs, with buying and selling scheduled to start on October 30 underneath the ticker OPAY.
- The firm filed its Form F-1 registration assertion with the US Securities and Exchange Commission on October 9, formally setting its proposed NYSE itemizing in movement.
- OPay granted its underwriters a 30-day choice to buy as much as an extra 2.4 million ADSs to cowl over-allotments, with the providing anticipated to shut on November 2, 2026, topic to customary closing circumstances.
- Bloomberg recognized Citigroup, Deutsche Bank and Standard Bank as main the IPO, whereas Nairametrics’ earlier protection additionally named China International Capital Corporation among the many joint book-running managers.
OPay plans itemizing in Nigeria
OPay’s US providing comes alongside plans to provide Nigerian traders entry to its shares via a proposed secondary itemizing on the Nigerian Exchange Limited. Nairametrics beforehand reported that the corporate’s board and shareholders had accepted the proposal, which might comply with completion of its main NYSE itemizing.
- Nairametrics exclusively reported in August that OPay was contemplating an NGX itemizing, earlier than the corporate confirmed the approvals in October.
- The fintech processed $358 billion in gross transaction worth in 2025, in contrast with $166.2 billion within the previous 12 months, whereas month-to-month energetic customers elevated to 39.3 million from 25.1 million.
OPay additionally disclosed a short-term funding portfolio of $532.94 million as of June 30, 2026, with a considerable portion invested via Nigerian asset administration corporations.
The proposed Nigerian itemizing would lengthen OPay’s entry to home traders whereas permitting the corporate to take care of its main presence within the US capital market.
